CFI Holdings Limited HY2016 Interim Report

first_imgCFI Holdings Limited (CFI.zw) listed on the Zimbabwe Stock Exchange under the Agri-industrial sector has released it’s 2016 interim results for the half year.For more information about CFI Holdings Limited (CFI.zw) reports, abridged reports, interim earnings results and earnings presentations, visit the CFI Holdings Limited (CFI.zw) company page on AfricanFinancials.Document: CFI Holdings Limited (CFI.zw)  2016 interim results for the half year.Company ProfileCFI Holdings Limited is a leading agricultural-based industrial holding company in Zimbabwe; primarily involved in manufacturing and selling fresh produce and manufacturing stock feed, aswell as property management and letting. Through subsidiaries and joint ventures; it manages wholesale and retail outlets, offers products and services for animal health, operates maize and wheat mills, and is involved in poultry farming and producing and selling poultry products. CFI Holdings Limited manages a separate entity offering services for the development and management of real estate in Zimbabwe. STALAP Investments is now the largest shareholder in CFI Holdings Limited after increasing its stake in the company to over 40%. STALAP is an investment vehicle owned by Zimre Holdings. Its retail outlets include Farm & City and Vetco Animal Health; its specialised divisions include Victoria Foods, Saturday Retreat Estate, Reston Developers and Maitlands Zimbabwe Limited. Poultry is marketed and distributed through Agrifoods, Agrimix, Hubbard Zimbabwe, Glenara Estates, Crest Breeders International and Suncrest Chickens. CFI Holdings Limited is listed on the Zimbabwe Stock Exchangelast_img read more

Is the Rolls-Royce share price too cheap to ignore?

first_img Rupert Hargreaves has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Simply click below to discover how you can take advantage of this. The Rolls-Royce (LSE: RR) share price has plunged a staggering 44% in 2020. Investors have sold their shares as the coronavirus has forced countries around the world to close their borders.This has had a devasting effect on the global aviation industry and Rolls-Royce, which is one of the largest suppliers of aircraft engines in the world5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…But with the global economy beginning to show signs of life again, could now be the time to buy the Rolls-Royce share price?Rolls-Royce share price on offer?Even though it’s one of the largest suppliers of jets for aircraft in the world, Rolls-Royce doesn’t make much money on the sale of each engine.Instead, the company relies on lucrative after-sales service contracts. These guarantee a steady cash flow in the years after each engine is sold. However, many of these contracts are also tied to the number of hours flown. In other words, Rolls-Royce doesn’t get paid if these engines don’t fly.As demand for air travel has collapsed over the past few months, income has dried up. This has devastated the firm’s bottom and the Rolls-Royce share price. While the company also has significant defence and marine operations, management was relying on the cash flows from engine and maintenance contracts to help grow the business over the next few years.For example, management was targeting free cash flow of £1bn per annum from operations at the beginning of this decade. This target has now been scrapped.To try and stem the bleeding, Rolls is planning 9,000 job cuts. There have also been reports the company has asked the government for help. These actions may help the company weather the storm.But, at this point, it’s difficult to tell what the future holds for this engineering champion.Margin of safetyAirlines around the world are starting to reopen operations again, which is good news for the Rolls-Royce share price. But, at this stage, it’s also difficult to tell if the company will ever return to its former glory.Forecasts suggest demand for air travel won’t return to 2019 levels until at least 2023. That may mean Rolls-Royce faces a couple of years of uncertainty.However, with the stock down 44% since the beginning of the year, it looks as if the shares offer a wide margin of safety for investors. As such, it may be worth buying a share of this global engineering champion as part of a well-diversified portfolio.While the business may be facing several years of uncertainty, it’s still one of the world’s leading aerospace and defence companies. This is unlikely to change any time soon. What’s more, research shows that buying stocks with a wide margin of safety can generate substantial returns for investors, even if the companies have uncertain futures.With that being the case, the Rolls-Royce share price could be a great way to play the global economic recovery. Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Rupert Hargreaves Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge!center_img Enter Your Email Address I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Rupert Hargreaves | Monday, 8th June, 2020 | More on: RR “This Stock Could Be Like Buying Amazon in 1997” Is the Rolls-Royce share price too cheap to ignore? Image source: Getty Images. last_img read more

Here’s how much income I could make by investing 10% of my salary into dividend stocks

first_imgSimply click below to discover how you can take advantage of this. I try to be strict with myself when setting targets to save and invest money. If I don’t set aside a portion of my salary each month, like 10%, then it’s very easy for me to forget and simply spend the funds instead. Some say that investing a set percentage of income (rather than a fixed monetary amount) into dividend stocks is a better way to go for the long term. This is because our earnings should hopefully rise over time. So saving a percentage allows our investments to rise without having to change our overall spending habits.Why invest in dividend stocks?This is probably the first question that’s popped into your head. Of course, I could invest 10% of my salary into various other assets. But I want to build my income pay-outs, and invest smaller amounts on a regular basis. A buy-to-let property would get me income, but would need a large initial outlay. Investing in gold would allow me to buy-in monthly, but wouldn’t pay me any income. Buying gilts or corporate bonds would pay income, but often have a large minimum size requirement.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Investing in dividend stocks ticks both boxes. I can invest £10 into a FTSE 100 stock if I wanted to. My dividend pay-out would be very small, but it shows the point! The stocks that do pay out dividends usually do so a couple of times a year, but different companies pay out on different months. So if I bought a dozen dividend-paying stocks, I realistically could be getting paid income most months.Time for the calculatorAccording to the latest figures from the ONS, the average salary from full-time employment in London (where I live) is £38,272 a year. So in a month, my gross earnings before tax could be around £3,200. If I set aside £320, I’d target high-dividend-yield opportunities right away.I wrote a piece earlier this week showing how I can get a 6% dividend yield investing in a mix of British American Tobacco, GlaxoSmithKline, and Rio Tinto. I don’t feel these stocks are particularly risky, and so would feel comfortable starting here when investing in dividend stocks.My £320 a month would give me £3,840 after a year. At this point, I’d get £230 a year in dividend income. Not huge money, but already enough to make a difference. At this point, I can either decide whether to take the income and spend it as I get it, or reinvest. Reinvesting the dividends will boost the overall value of the stock portfolio, and quicken the pace of getting to a particular number (e.g., £100k).However, if I just wanted to get the money to enjoy it now, that’s not a problem. Each year, my dividend income would get higher and higher. After eight years, I’d be getting paid £150 a month as passive income. As a second income stream from my main salary, I’d be happy with that. The figure could be even higher, as I’ve not factored in my salary increasing over time (which I hope it would).As a bottom line, I think that dividend-paying stocks are a great way for me to generate passive income even with a modest portion of my monthly salary. Jonathan Smith | Saturday, 23rd January, 2021 Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. “This Stock Could Be Like Buying Amazon in 1997” Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Enter Your Email Addresscenter_img I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. jonathansmith1 has no position in any of the shares mentioned. The Motley Fool UK has recommended GlaxoSmithKline. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Image source: Getty Images Here’s how much income I could make by investing 10% of my salary into dividend stocks I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. See all posts by Jonathan Smithlast_img read more

Hotshots: Connacht youngster Sean O’Brien

first_imgRW verdict: Two Sean O’Briens in Ireland’s back row would be confusing, but this leader won’t stop at U20s.Want to stay up to date with rugby’s hotshots every month? Why not subscribe to Rugby World? Click here for the latest subscription deals, and find out how to download the digital edition here. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS How long have you been at Connacht?Since I was a young lad playing U15s. I did a trial and joined after that.Who has been a big influence on your career?Jimmy Duffy. He coached me for two years of U18s. His breakdown work is particularly good and he’s always given good advice. I’ve played in the U19 and U20 teams since then.When did you first play?When I was five. My rugby-mad dad took me to my local club, Galwegians.Always been a forward? I played out-half until I was 12 and was a No 8 at school. Now I’m a second- or back-row. I don’t mind which; their roles are becoming quite similar.center_img Who do you look up to?Paul O’Connell. He’s the one you aspire to play like.What are your goals?To win the JWC and get into the senior Connacht squad.You’re U20s captain. Is that a role you enjoy?  Yes, I’ve captained other teams too. I prefer being captain to not; it makes me perform better.last_img read more

A letter from South Africa – June

first_img Bulls and Sharks cull mercilesslyThe Bulls and the Sharks did little to persuade seasoned veterans to reconsider offers from overseas clubs after both suffering mediocre Super Rugby campaigns. The Bulls will wave goodbye to Springboks Pierre Spies, Flip van der Merwe and Francois Hougaard who are joining Japanese and French clubs after Super Rugby. Promising young flank Jacques du Plessis is also leaving the Loftus kraal for the south of France at Montpellier.France-bound: Pierre Spies is one of a number of Bulls players leaving the Super Rugby teamLegendary lock Victor Matfield is retiring for a second time while stalwart wing Akona Ndungane is also hanging up his boots. At the Sharks, a complete overall is starting early with the confirmation that Bok front rowers Bismarck and Jannie du Plessis are heading to France to reconnect with former Bok coach Jake White at Montpellier. Flank Willem Alberts is also heading north to French club Stade Francais.Stormers claim third SA Conference title The Stormers underlined their credentials as the most successful South African franchise in the 15-team Super Rugby era with their third Conference title in five years. The Bulls and the Sharks have won one each. At the time of writing the play-offs hadn’t been concluded and the Stormers were still in with a chance of winning their maiden overall title.Underrated: Allister Coetzee of the Stormers has an excellent record in Super RugbyCoach Allister Coetzee, who will join Japanese club Kobelco Steel in July, has quietly emerged as the most successful South African coach of this era. Since 2011, when Super Rugby expanded to 15 teams Coetzee has led the team 82 times with 52 victories for a 63.4 per cent winning ratio. By contrast the Bulls and Sharks, in the same period, have a 56.1 per cent and 55.8 per cent winning ratio respectively.Pumas win Vodacom CupThe unfashionable Mpumalanga Pumas from Nelspruit, which gave South Africa its current player of the year Duane Vermeulen, recently captured the Vodacom Cup title. This competition, which runs concurrently to Super Rugby and features full strength ‘smaller’ unions against second stringers from Super Rugby franchises in their provincial colours, signalled the Pumas’ intentions to become a big club.Old boy: Bok star Duane Vermeulen was a former Mpumalanga Puma, who captured the Vodacom Cup titleThey beat Western Province in the final and have laid down a marker for the upcoming Currie Cup. The Pumas will be able to recall several key players such as tighthead prop Vincent Koch (Stormers), lock Lubalalo ‘Giant’ Mtyanda (Sharks), scrumhalf Faf de Klerk (Lions) and flank Renaldo Bothma (Sharks) from Super Rugby loan duty to bolster their ranks in the Currie Cup. Western Province are desperately trying to secure Koch’s services on a permanent basis but the Pumas have so far declined all their offers. Bulls, Sharks and Stormers all on the lookout for a new coachAfter a disappointing Super Rugby campaign with a splintered coaching staff, Sharks director of rugby Gary Gold has indicated there is an intense search to find a new coach. Gold took on duel coaching duties during the campaign alongside Brendan Venter, but the situation did not work. Venter commuted from his medical practice in Cape Town once a week and also handed the pre-season duties while Gold completed his obligations at Kobelco Steel in Japan.Decision time: Stormers director of rugby Gary Gold must choose their next coachThe Stormers are looking to replace Coetzee with a high profile name. John Plumtree, the former Sharks coach, Ireland forward’s coach and now assistant at Super Rugby pacesetters the Hurricanes, has been linked to the job. Former All Black, Western Force and Lions boss John Mitchell has also been approached about his availability in Cape Town. But he lives in Durban and might choose to throw his hat in with the Sharks if they make a concrete offer.Bulls coach Frans Ludeke is set for a move upstairs at Loftus with either current Springbok forward’s coach Johan van Graan, or Matfield taking over as coach.Boks second RWC training camp ticks more boxes – Bekker in mixSpringbok coach Heyneke Meyer revealed at a Springbok World Cup training camp in Cape Town that he had had talks with Japan-based lock Andries Bekker about a possible return to Test rugby after two years in the international wilderness. The 2.08m giant who won 29-Test caps, has been unavailable due to contractual constraints with club Kobelco Steel. Tall-order: Andries is said to be close to a first Test return in two years as cover for Victor MatfieldBut Meyer and Bekker had a heart-to-heart and Bekker said he wanted to play Test rugby again and that he would go back to his club and put in a request. Victor Matfield, 38, is currently the Boks’ first choice No 5 lock. Promising understudy Pieter-Steph du Toit is currently out with a knee injury. Bekker’s availability would solve one problematic position. Meyer is also understood to be badgering veteran centre Jaque Fourie to reconsider his international retirement and make one last push for the World Cup squad.And finally…Jean de Villiers back in full-trainingSpringbok captain Jean de Villiers has made a remarkable recovery from a horror knee injury sustained against Wales last November and was seen in full training with the Stormers in early June. Coach Allister Coetzee ruled out any chance of De Villiers turning out in the Super Rugby play-offs, but the development was good news for Meyer and the Boks. LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALScenter_img Jean de Villiers is on the comeback trail, Andries Bekker is in from the cold and Pierre Spies is off to France. It’s all happening in South Africa this month Comeback kid: Jean de Villiers has made a remarkable return from injury and has World Cup firmly in his sights last_img read more

ICFM Board of Trustees nominations

first_imgICFM Board of Trustees nominations Nominations to the ICFM Board of Trustees must be made by midday on Friday 18 May 2001. Nominations to the ICFM Board of Trustees must be made by midday on Friday 18 May 2001. ICFM members should by now have received application forms.Visit ICFM. Advertisement AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis  16 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThiscenter_img Howard Lake | 12 April 2001 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Splash — Water Recreation Challenge Fund for Wales

first_img Howard Lake | 1 September 2008 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis1 Advertisement Tagged with: Funding Splash — Water Recreation Challenge Fund for Walescenter_img The Environment Agency for Wales, a Quango sponsored by the Welsh Assembly Government, has launched Splash, a scheme to provide large and small grants to support projects throughout Wales that improve or promote public access to waterways, lakes, reservoirs and coastal areas. Grants can cover up to 100% of costs, the minimum being £5000. Applications are invited from voluntary and community groups, the public and private sector or individuals.Improving access can be interpreted in many ways, for example the provision of physical aids to access for people with disabilities, providing pontoons for fisherfolk or educational or facilities guides.Projects must meet one or more of the following criteria:• Secure new or improved recreational access by the public to any stretch of river, canal, lake, reservoir or coast (including alongside as well as on the water).• Help deliver improved access to water for a variety of water-based recreation purposes.• Have the necessary planning permissions.• Help deliver the strategic actions within Wales’ strategy for water-related recreation 2008-12.• Involve a partnership of organisations seeking to develop or improve water-based recreation at specific locations.• Feasibility studies examining the potential of specific water resources to deliver new or improved water-based recreation opportunities.Smaller grants of between £5000 and £10,000 will be handled quickly and with the minimum of paperwork. But you will still need health and safety checks and to provide written access consent where agreements have been obtained from landowners. The emphasis will be on supporting capital work and facilities on bank sides and all activities should promote responsible and sustainable access.How to apply.There is a two-stage application process, the first of which is a basic eligibility check through an Expression of Interest Form. If you pass this first stage you will need to submit a full application and the grants panel meets monthly.Full details are available atwww.environment-agency.gov.uk/regions/wales/1168208/2086430/or by contacting Rhiannon Hardman at Environment Agency Wales on 029 2046 6241 (e-mail [email protected]).Closing date: Expression of Interest forms dealt with as received.This information is provided by Fundinginformation.org, the online news, information and support service for fundraisers and funding advisers throughout the UK. For subscription details go towww.fundinginformation.org  32 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis1 About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Another serious sexual assault in Derry

first_img By News Highland – November 19, 2011 Twitter WhatsApp Facebook Facebook Three factors driving Donegal housing market – Robinson Twitter Pinterest Pinterest Another serious sexual assault in Derry RELATED ARTICLESMORE FROM AUTHOR WhatsAppcenter_img Detectives are appealing for information following a report of a serious sexual assault in the Templegrove area of Derry in the early hours of Saturday 19 November.It is believed that at approximately 3.15am, a young woman was assaulted by an unknown male, described as being of medium build, approximately 6’0″ tall, with long hair down to his chin and stubble. He had a local accent and was wearing a dark trench coat and lace up boots.Anyone with information about this incident is asked to contact Detectives in the PSNI’s Rape Crime Unit (from the north)  on 0845 600 8000. Or if someone would prefer to provide information without giving their details, they can contact the independent charity Crimestoppers and speak to them anonymously on 0800 555 111. 448 new cases of Covid 19 reported today Google+ NPHET ‘positive’ on easing restrictions – Donnelly Newsx Adverts Help sought in search for missing 27 year old in Letterkenny Google+ Previous articleLetterkenny Chamber business person of the year announcedNext articleShock at news that Flannagan’s Furniture has gone into liquidation News Highland Calls for maternity restrictions to be lifted at LUH Guidelines for reopening of hospitality sector publishedlast_img read more

Donegal team collects eight All Star Awards

first_img Donegal team collects eight All Star Awards 75 positive cases of Covid confirmed in North Twitter WhatsApp Google+ WhatsApp Further drop in people receiving PUP in Donegal RELATED ARTICLESMORE FROM AUTHOR Google+ Main Evening News, Sport and Obituaries Tuesday May 25th Twitter The All-Ireland winning Donegal side has secured eight All Star awards.It’s the highest representation by any county since neighbours Tyrone also won eight in 2005.Goalkeeper Paul Durcan, defenders  Neil McGee, Karl Lacey and Frank McGlynn, in midfield Neil Gallagher and in attack Mark McHugh, Michael Murphy and Colm McFadden were all selected.Just three other counties are represented on the All Stars team –  Mayo (4), Cork (2) and Dublin (1)center_img Facebook Man arrested on suspicion of drugs and criminal property offences in Derry Previous articleOireachtas Transport Committee hears case for Malin CoastguardNext articlePolice unable to extradite Kieran Doherty suspect News Highland Facebook Pinterest Gardai continue to investigate Kilmacrennan fire Pinterest News By News Highland – October 25, 2012 365 additional cases of Covid-19 in Republic last_img read more

Delhi HC Temporarily Restrains 6 PSU Banks From Taking Coercive Action Against Company For Defaults Under TReDS

first_imgNews UpdatesDelhi HC Temporarily Restrains 6 PSU Banks From Taking Coercive Action Against Company For Defaults Under TReDS Sanya Talwar28 April 2020 7:48 AMShare This – xThe Delhi High Court on Monday temporarily injuncted 6 PSU banks from taking any coercive action against Eastman Auto & Power Limited vis-à-vis default(s) arising out of and/or in relation to Reverse Factoring payment obligations under Trade Receivables Discounting System (TReDS).While granting ad-interim relief to the Petitioner, Bank of Baroda, Bank of India, Punjab National Bank,…Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginThe Delhi High Court on Monday temporarily injuncted 6 PSU banks from taking any coercive action against Eastman Auto & Power Limited vis-à-vis default(s) arising out of and/or in relation to Reverse Factoring payment obligations under Trade Receivables Discounting System (TReDS).While granting ad-interim relief to the Petitioner, Bank of Baroda, Bank of India, Punjab National Bank, Union Bank & SBI Global Factors Limited were thereby injuncted from taking any coercive action against the Petitioner Company as aforementioned.”the respondent nos. 2 to 5 and 7 (respondent no. 6 has been deleted today) are restrained from taking any coercive action against the petitioner, including declassification of the petitioner, for the default committed by the petitioner in the Reverse Factoring Facility availed by the petitioner from such respondents, subject to the condition that the petitioner shall” the order read.A Single Judge bench comprising Justice Navin Chawla observed that RBI notifications/circulars dated 27.03.2020 & 17.042020 enunciated financial relief to the parties who availed term loans and that it was prima facie apparent that working capital facilities and that “Factoring facilities” was to be considered “at par with loans and advances extended by the banks”The RBI also sought time to seek instructions on whether the facility availed by the petitioner would be covered in terms of the COVID-19 Relief measure notifications.The writ petition was filed by Mr. Gaurav H Sethi and Mr. Keshav Sehgal. Arguments for Petitioner(s) were led by Advocate Ms. Manmeet Arora. The plea sought directions to the RBI to issue clarification in as much as, repayment obligations that arise out of factoring services, which are in turn availed on a platform called TReDS are concerned.The petitioner-company had averred that 6 PSU banks were denying and lacked decisiveness thereto, in terms of the relief measures notified by the RBI vide its COVID-19 Regulatory Package, which had in fact included the factoring services via TReDS.Accordingly, the plea contended that as the Regulatory package was announced by RBI to ease financial stresses and to mitigate the risk of debt default, caused to business on account of the pandemic by granting moratorium period (3 months) to all kinds of loans and working capital facilities availed by the borrowers between March 1st & May 31st 2020, the petitioner-company could not have been de-classified.”the Respondent Nos. 2 to 7, in utter disregard to COVID – 19 Regulatory Package issued repayment notices to the Petitioner for default in payment obligations under TReDS and any such act by the Respondent Nos. 2 to 7, will have major financial implications in the form of initiation of insolvency proceedings or reduced credibility for re-payment of debts of the Petitioner”RBI governor Shaktikanta Das on March 27 announced a slew of measures, including a moratorium on loan repayments, to provide relief to India’s distressed borrowers. Reportedly, three operators of the TReDS platforms had also sought clarity on the issue with the finance ministry, RBI & MSME Ministry.Click To Download order[Read Order]Next Storylast_img read more